Tag: Corporate Welfare

Follow the Money.

A recent study by PoliticalMoneyLine confirms what we all know: corporations love them some GOP. “While many corporate PACs in the 1970s and 1980s sought to split campaign contributions between candidates of both parties, the new study found that more than a quarter of the large corporate PACs gave at least $3 to Republican candidates for every $1 to Democrats.“

The Atkins Congress.

“Senator Charles E. Grassley needed every possible vote to pass his mammoth corporate tax bill. So he was more than willing to accept Zell Miller’s plea on behalf of imported ceiling fans…[This] provision is just one tiny example of how the need to solve a narrow tax problem in 2002 gave birth to the biggest free-for-all in corporate lobbying that Congress has experienced in nearly 20 years.” The NYT conducts a post-mortem of the pork-bloated corporate tax legislation passed by Congress on Monday.

Bringing Home the Bacon.

Looking to recess in time for some electioneering, the House and Senate both pass a pork-swollen corporate tax measure by comfortable margins. “[C]ritics — including budget watchdogs, liberal activists and Treasury Secretary John W. Snow — decried what they saw as a cornucopia of special-interest tax cuts that would complicate the tax code, favor companies doing business overseas and ultimately worsen the budget deficit. Sen. John McCain (R-Ariz.) pronounced it ‘disgraceful’ and ‘a classic example of the special interests prevailing over the people’s interest.'”

Gimme Shelter.

True to form, “House Republicans are working to eliminate or dilute provisions in a new corporate tax bill aimed at cracking down on illegal shelters.” This despite the fact that a “study last week by Citizens for Tax Justice, a liberal research organization, reported that 82 of the nation’s most profitable companies paid no corporate taxes in at least one of the last three years.” Say what they will about Dubyanomics, it is patently obvious once again that the Republican Party does not represent the best interests of you, I, or the vast majority of this nation. Vote ’em out, already.

The Day After Tomorrow.

“In recent weeks, federal agencies across the vast Washington bureaucracy have delayed completion of a range of proposed regulations from food safety and the environment to corporate governance and telecommunications policy until after Election Day, when regulatory action may be more politically palatable.” Apparently, the Bushies have prepared an onslaught of awful legislation that they’re hiding from us until November 3. While this tends to happen every to some extent every election year, notes Consumers Union director Gene Kimmelman, “‘[w]hat is unusual this time…is the clear pattern of holding back regulatory decisions that will benefit the largest industry players and will drive up prices and market place risks for consumers, ranging from telephones to drugs to the risks of contaminants of food. The pattern of slow rolling will ultimately benefit the largest players and hit consumers in the pocketbook.'” Oh, swell.

The Green Party.

Of course, there are some New Yorkers happy to see the GOP here, namely the finance types. “[T]he firms, which lean Republican in their political giving, are eager to show their gratitude to President Bush and GOP lawmakers for enacting legislation providing billions of dollars in tax and other benefits to their industry and for Bush’s pledge to seek even deeper tax cuts.” Yeah, I bet they are. Well, at least the GOP does in fact support their corporate “values”…In fact, Wall Street may be one of the few groups of self-professed Republicans around the country that aren’t being lied to constantly by the Bushies.

The A-Rod Write-Off.

Well, thank goodness the GOP Congress has finally done something to alleviate the financial burden of sports team ownership in this country. When I think of all the pain, misery, and degradation that Mark Cuban, George Steinbrenner, and other multi-millionaires have been subjected to by the tax code of late, my heart just sickens. Now hopefully Congress will turn their attention to eliminating the IRS entirely, and I’ll be able to sleep knowing that no corporate CEO or energy baron will ever again be unduly harrassed in this great nation.

The Art of the Kickback.

Meanwhile, Dubya has less to say about a sweetheart corporate tax package being pushed through Congress by the GOP, one that offers ridiculous handouts to various Republican-leaning business special interests. “[W]hat started as an effort to repeal a $5 billion-a-year subsidy has grown into one of the most significant corporate tax measures in years. The Senate bill, 980 pages long, includes more than $167 billion in business tax cuts over 10 years, handing out favors to NASCAR racetracks, foreign dog-race gamblers, Oldsmobile dealers and bow-and-arrow makers, to name a few.” Hmmm…might be time to invest in bow-and-arrow futures. Update: The bill passes the House.